Vote on USDR redemptions

As all holders are aware USDR redemptions have taken longer than initially expected. First the choice was made to liquidate on chain in the form of UKRE, this was unsuccessful. Then we made attempts to sell the portfolio off chain and shopped the portfolio to funds and asked for final offers to be received in December and exchanged and closed in January.

We received several offers on the portfolio and we accepted the best offer which was credible. This offer was financing contingent and the financing fell through after the party wasted several months. We then explored other options in particular all cash offers to speed up the process, none came in at a reasonable price leaving us with one option to start the process again and go with a wider net, and potentially look at splitting the portfolio up into single homes and market to retail or actual home buyers rather than funds.

After speaking with some of the larger USDR holders they do not want us to run this process as the redemption process has taken so long and it has gone so poorly. We understand this sentiment. They suggested an alternative:

• The redemption contract is modified to redeem USDR for UKRE instead of USDC.
• Users receive $0.87 of UKRE per USDR (This is the coverage ratio after buyback costs etc, breakdown will be provided at later date).
• The Tangible marketplace is modified so the base currency is UKRE instead of USDC. All the properties backing USDR are listed on the Tangible marketplace and sold in UKRE. The UKRE received for these properties once sold on the marketplace is then burnt.
• Then larger holders or people familiar with the UK real estate market can redeem the TNFTs for individual properties/SPVs and sell them in the real world. All properties and SPVs will be provided unencumbered and without charges/mortgages etc when redeemed. Maintenance and vacancy reserves will be smoothed out across the portfolio (detailed breakdown will be provided at a later date) and the balances provided proportionally upon redemption to individual SPV redeemers.